Warner Bros. is set to reject Paramount's hostile takeover offer due to concerns over financing and terms. The board believes its current agreement with Netflix provides better value and certainty than what Paramount has proposed.

Warner Bros. Discovery's board has unanimously dismissed Paramount's $108.4 billion takeover offer, calling it unrealistic due to high debt and unfavorable terms. They continue to support Netflix's $82.7 billion acquisition, highlighting its stronger financial position. Despite this stance, Warner Bros. chairman indicated a willingness to reconsider if a better offer emerges.

Netflix is now offering an all-cash deal to acquire Warner Bros. Discovery for $72 billion, revising its previous mixed cash and stock agreement to counter Paramount's hostile takeover attempt. The deal aims to finalize by April 2026 and includes major assets like HBO Max and WB Studios. Paramount's competing bid is for the entire company, while Netflix focuses on specific divisions.